Corebridge Financial
Corebridge Financial, Inc. (NYSE: CRBG) is one of the largest providers of retirement solutions and insurance products in the United States, managing $380 billion in assets under management and administration as of September 30, 2025.[1] The company offers a broad range of annuities, life insurance policies, and institutional investment products through its subsidiaries, serving individual, group, and institutional clients.[2] Headquartered in Houston, Texas, Corebridge operates primarily in the U.S. with a focus on helping individuals and organizations achieve financial security.[3] With roots tracing back to 1955 as part of AIG's retirement services business, Corebridge evolved from AIG Life & Retirement into a standalone entity following its initial public offering on September 19, 2022, which marked its separation from American International Group, Inc. (AIG).[4][5] This spin-off allowed Corebridge to operate independently while retaining a significant stake held by AIG, enabling focused growth in retirement and insurance markets.[6] The company's business is organized into key segments, including Individual Retirement (offering fixed and variable annuities), Group Retirement (providing defined contribution plans to employers), Life Insurance (including term, universal, and whole life policies), and Institutional Markets (delivering investment and reinsurance solutions).[2] In 2024, Corebridge reported premiums and deposits of $41.7 billion, reflecting a 5% year-over-year increase, alongside net income of $2.2 billion.[7] Marc Costantini succeeded Kevin Hogan as Chief Executive Officer effective December 1, 2025.[8][9] Under the leadership of Kevin Hogan, Corebridge emphasized organic growth, shareholder returns, and innovation in financial services, returning $2.3 billion to shareholders in 2024 through dividends and share repurchases.[7]Overview
Company profile
Corebridge Financial, Inc. (NYSE: CRBG) is one of the largest providers of retirement solutions and insurance products in the United States, managing and administering approximately $404 billion in assets as of December 31, 2024.[10] The company plays a significant role in the financial services industry by helping individuals, institutions, and employers plan for secure financial futures through innovative products and partnerships with financial professionals.[7] Its core business focuses on annuities, life insurance, retirement plans, and wealth management services, enabling customers to address key needs in retirement security and protection.[11] While Corebridge Financial maintains global operations, including entities in Bermuda and the launch of its Bermuda reinsurance strategy in 2025,[1] its primary emphasis remains on the United States market, where it serves a diverse range of clients such as educational institutions, healthcare organizations, and government entities.[12] Corebridge Financial was established as an independent, publicly traded company in September 2022 through a spin-off from American International Group, Inc. (AIG).[5]Headquarters and employees
Corebridge Financial is headquartered in the American General Center in Houston, Texas, a prominent complex that serves as the company's primary operational base for its insurance and retirement services.[13] In August 2024, the America Tower within this center underwent rebranding, replacing the AIG signage with Corebridge Financial to reflect the company's independent identity following its spin-off.[14] As of December 31, 2024, Corebridge Financial employed approximately 5,200 people, supporting its focus on retirement solutions and life insurance across the United States.[15] The company maintains a nationwide operational footprint, with presence in all 50 U.S. states, where it serves nearly 20,000 retirement plans as of June 30, 2025.[3] Additionally, it manages approximately 4 million in-force life insurance policies in the United States as of the same date, leveraging key facilities in Houston and select regional offices to deliver these services.[3]History
Early history
The American General Insurance Company, a key predecessor to Corebridge Financial, was founded on May 8, 1926, in Houston, Texas, as one of the nation's first multi-line insurance companies focusing initially on fire and casualty coverage.[16] Gus Sessions Wortham served as its first president, establishing the firm amid the post-World War I economic boom in the oil-rich Gulf Coast region.[17] Wortham, born in 1891, gained early experience in the insurance industry through his family's business; in 1915, he co-founded the John L. Wortham & Son Agency in Houston with his father, where he worked until around 1924, building expertise in general insurance lines.[18] Drawing on connections with prominent Houston businessmen like Jesse H. Jones, James A. Elkins, and John W. Link, Wortham capitalized on the city's growth to launch American General, which quickly expanded into life insurance and other sectors by the 1930s.[19] Leadership at American General evolved steadily in its early decades, with Benjamin N. Woodson joining the company in 1953 as president of its life insurance subsidiary, reflecting the firm's growing emphasis on life and health products.[17] Woodson, a veteran in the industry, ascended to president of American General Insurance Company from 1966 to 1975 and then to chairman and CEO from 1972 until his retirement in 1978, guiding the company through diversification and national expansion.[20] By the mid-1990s, American General had become a major player in financial services, as evidenced by its involvement in the landmark 1995 Delaware Supreme Court case Unitrin, Inc. v. American General Corp., where the court evaluated the reasonableness of a target company's defensive measures—such as a shareholder rights plan and stock repurchase program—against American General's hostile takeover bid for Unitrin.[21] The ruling established standards for proportionality in takeover defenses under Delaware corporate law, influencing American General's subsequent acquisition strategies.[22] This period marked the end of American General's independent early growth phase, setting the stage for its later integration into the broader AIG structure.[16]NLT Corporation and integrations
NLT Corporation served as the holding company for the National Life and Accident Insurance Company, which traces its origins to 1900 when it was founded as the National Sick and Accident Association, a mutual assessment company organized under Tennessee law to provide industrial life and accident insurance to working-class individuals in Nashville.[23] The association transitioned into a stock company in 1924 and expanded significantly over the decades, becoming a major player in life insurance, health coverage, and related financial services while diversifying into non-insurance ventures such as broadcasting and entertainment.[24] In 1968, NLT Corporation was formally created as the parent holding entity, overseeing National Life and its subsidiaries from headquarters in Nashville.[24] The pivotal moment in NLT's trajectory came in 1982 amid a high-profile hostile takeover battle with American General Corporation (AGC), a Houston-based insurer. AGC initiated the bid in April, offering to acquire NLT for approximately $1.1 billion, prompting NLT—already holding a 2.2 percent stake in AGC—to counter with its own $600 million tender offer for 45.9 percent of AGC's shares at $55 per share.[25][26] The contest escalated as NLT increased its AGC stake to nearly 10 percent, but AGC raised its offer to a two-tiered structure of $38 to $46 per share, ultimately securing shareholder approval and completing the $1.5 billion acquisition by July 1982.[27] This marked one of the largest insurance mergers in U.S. history at the time and positioned AGC as a dominant force in the industry.[28] The integration of NLT into AGC unfolded gradually over the ensuing decade, involving operational consolidation, asset rationalization, and cultural alignment between the Nashville-based NLT and AGC's Texas operations to enhance synergies in insurance underwriting, distribution, and product development.[16] As part of this process, AGC divested NLT's non-core entertainment and hospitality assets, which included the iconic Grand Ole Opry, the Opryland theme park, the Opryland Hotel, and related properties acquired through NLT's ownership of WSM Inc. In 1983, these assets—valued at around $250 million—were sold to Gaylord Broadcasting Company, a media firm led by Edward L. Gaylord, which reorganized them under Opryland USA Inc. and later evolved into Gaylord Entertainment Company, focusing on country music and tourism.[29][30] This divestiture allowed AGC to concentrate resources on NLT's core insurance businesses, contributing to streamlined operations and long-term growth.[16]Major acquisitions
In 1977, American General Corporation acquired The Variable Annuity Life Insurance Company (VALIC), a specialist in tax-deferred retirement plans primarily serving educational and nonprofit sectors, which strengthened its position in the growing 403(b and individual retirement account markets.[31] This acquisition laid foundational capabilities in variable annuities and retirement savings products that later integrated into AIG's broader portfolio following the 2001 merger.[32] In 1998, American International Group (AIG) acquired SunAmerica Inc. in a stock-for-stock transaction valued at approximately $18 billion, significantly expanding its annuity and retirement services offerings with SunAmerica's expertise in variable annuities and asset management.[33] The deal, which closed in early 1999, added over $100 billion in assets under management and positioned AIG as a major player in the U.S. individual retirement savings sector.[34] In 2001, after British insurer Prudential plc announced a $26.5 billion stock offer for American General Corporation in March, AIG intervened with a competing $23 billion all-stock bid in April, ultimately securing the acquisition for a total value of about $24.6 billion after American General terminated the Prudential agreement.[35][36] The transaction, completed in August 2001, combined American General's life insurance and annuity businesses with AIG's operations, creating one of the largest U.S. providers of retirement and protection products with combined assets exceeding $300 billion.[37] In 2003, American General Life Insurance Company merged with The Old Line Life Insurance Company of America, absorbing Old Line's policies and operations to consolidate its domestic life insurance portfolio and streamline administrative functions.[38] This internal integration enhanced efficiency in managing fixed and variable annuity products, contributing to the unified retirement services framework that preceded Corebridge Financial's formation.[39]Formation and spin-off from AIG
In October 2020, American International Group (AIG) announced its intention to separate its Life & Retirement business, which encompassed retirement services, life insurance, and institutional markets, through an initial public offering (IPO) targeted for 2022.[40] This move was part of AIG's broader strategy to simplify its operations and focus on core commercial, specialty, and reinsurance businesses following years of restructuring.[41] The planned divestiture aimed to create an independent entity managing over $400 billion in assets, allowing AIG to unlock value while retaining a significant ownership stake post-IPO.[40] As preparations advanced, AIG entered a strategic partnership with Blackstone in July 2021, under which Blackstone agreed to acquire a 9.9% equity stake in the Life & Retirement business for $2.2 billion in cash.[42] The transaction, which closed in November 2021, also included Blackstone managing up to $50 billion of the business's general account assets and purchasing certain affordable housing investments from AIG.[43] This investment provided capital to support the upcoming separation and signaled confidence in the unit's growth potential in retirement and insurance products.[44] Corebridge Financial officially launched as an independent public company on September 15, 2022, following its IPO that raised approximately $1.68 billion through the sale of 80 million shares at $21 each, marking the largest U.S. IPO of the year.[45] Traded under the ticker CRBG on the New York Stock Exchange, the IPO valued Corebridge at $13.6 billion and left AIG as the majority owner with about 89.9% of the shares post-offering.[46] The spin-off completed AIG's separation of its legacy life and retirement operations, enabling Corebridge to operate autonomously with a focus on individual and group retirement solutions, life insurance, and institutional markets.[45] Following independence, Corebridge pursued portfolio optimization through targeted divestitures in 2023. In September, it agreed to sell its UK life insurance business, AIG Life Limited, to Aviva plc for £460 million, a deal that closed in April 2024 and allowed Corebridge to exit non-core international protection operations.[47] Separately, in August 2023, Corebridge sold its Irish health insurer, Laya Healthcare Limited, to AXA for €650 million, with the transaction completing in October 2023 to streamline its focus on U.S.-centric retirement and annuity businesses.[48] In May 2024, AIG announced the sale of a 21.6% equity interest in Corebridge to Nippon Life Insurance Company for approximately $3.84 billion, representing about 120 million shares and reducing AIG's ownership while bringing in a strategic partner with expertise in life insurance and asset management.[49] The acquisition closed in December 2024, positioning Nippon Life as Corebridge's second-largest shareholder after AIG.[50] This transaction further diversified Corebridge's investor base and supported ongoing capital deployment for growth initiatives. In 2025, Corebridge announced leadership transitions. On September 9, 2025, the company named Marc Costantini as its new president and chief executive officer, effective December 1, 2025, succeeding Kevin Hogan, who transitioned to a special advisor role to the board for six months.[8] On October 31, 2025, Elias Habayeb, the chief financial officer, announced his resignation to pursue an external opportunity, effective April 24, 2026, while remaining in his position through the transition period, including the completion of 2025 financial statements.[51]Operations
Corebridge Financial operates through four primary business segments: Individual Retirement, Life Insurance, Retirement Services, and Institutional Markets. In 2025, the company completed the divestiture of its international operations, further enhancing its focus on U.S.-based retirement solutions, insurance products, and institutional services to support financial security for individuals, employers, and organizations.[1][3] The Individual Retirement segment provides protection, savings, and income solutions designed to enhance personal retirement security. This division emphasizes annuities and related products that help individuals accumulate and manage assets for long-term financial stability.[52] The Life Insurance segment offers financial products that address life uncertainties, including term life, whole life, and universal life insurance. As of June 30, 2025, this segment maintained approximately 4 million in-force policies in the United States.[3][53] The Retirement Services segment, also known as Group Retirement, administers retirement plans for sectors such as healthcare, government, education, and non-profits. It serves nearly 20,000 plans across all 50 states as of June 30, 2025, facilitating employer-sponsored savings and income programs.[3][53] The Institutional Markets segment delivers products to corporations and financial institutions, including guaranteed investment contracts and pension risk transfer solutions. As of June 30, 2025, it held $16 billion in reserves related to guaranteed investment contracts. In Q3 2025, the company launched a Bermuda strategy, ceding $18 billion in reserves to optimize capital and support institutional solutions.[3][53][54] This division plays a key role in managing large-scale liabilities and investment needs for institutional clients.Products and services
Corebridge Financial offers a diverse portfolio of retirement and protection products, primarily through its subsidiaries and specialized divisions. Annuities serve as a cornerstone of its retirement solutions, designed to provide tax-deferred growth, income security, and protection against market volatility. The company ranks third in total U.S. individual annuity sales for the first half of 2025, with sales exceeding $13.8 billion year-to-date according to LIMRA data.[55] Key annuity products include fixed annuities like Assured Edge®, which guarantee principal protection and fixed returns for predictable lifetime income; indexed annuities such as the Power Series®, linking growth to market indices while shielding against downside risk; and variable annuities like Polaris®, offering market participation with daily gain lock-ins and optional lifetime income guarantees.[56] These products cater to individuals seeking long-term asset accumulation and retirement income streams.[56] Life insurance products from Corebridge Financial focus on financial protection, wealth transfer, and supplemental coverage needs. Term life insurance provides customizable, affordable coverage for temporary periods, such as 10 to 30 years, to safeguard loved ones against unforeseen events.[57] Permanent life insurance options, including whole life and universal life policies, offer lifelong protection with the added benefit of cash value accumulation on a tax-deferred basis, enabling policyholders to build wealth or access funds for future needs.[58] Additionally, final expense life insurance targets seniors, delivering guaranteed coverage without medical exams to cover end-of-life costs like funerals and outstanding debts.[59] These policies emphasize quick issuance and flexibility to support estate planning and family security.[60] Through its subsidiary VALIC Retirement Services Company, Corebridge Financial provides comprehensive retirement plans, including defined contribution options like 403(b) plans tailored for non-profit, educational, and governmental employers. These plans facilitate tax-deferred savings via contributions from employees and employers, with investment choices in mutual funds, annuities, and other vehicles to support long-term accumulation.[61] VALIC handles recordkeeping, administration, and participant education to enhance retirement readiness, particularly for sectors such as healthcare and higher education.[62] Wealth management services at Corebridge Financial encompass personalized financial planning and investment solutions to promote financial wellness and goal achievement. Offerings include advisory support for portfolio construction, risk assessment, and retirement optimization, often integrated with annuities and insurance for holistic strategies.[63] For institutional clients, Corebridge Financial delivers products like guaranteed investment contracts (GICs), which are customizable single-premium accumulation instruments ensuring principal repayment and fixed or floating interest rates, ideal for pension funds and stable value portfolios.[12] The company also engages in reinsurance services, managing risk transfer for variable annuities and other lines through agreements with partners like Venerable, and enterprise in-force management to optimize existing policy portfolios for efficiency and profitability.[64][65]Financial performance
Key financial metrics
Corebridge Financial reported total revenues of US$18.8 billion for the full year 2024, reflecting its operations across retirement solutions, life insurance, and institutional markets.[66] The company managed assets under management and administration (AUMA) of US$404 billion as of December 31, 2024, underscoring its scale in the U.S. retirement and insurance sectors.[66] In the third quarter of 2025, Corebridge achieved net income of US$144 million, or US$0.27 per diluted share, alongside adjusted after-tax operating income of US$520 million and operating earnings per share of US$0.96.[1] These results highlight continued profitability amid interest rate dynamics and strategic reinsurance activities. Strategic asset management partnerships bolstered Corebridge's portfolio, with Blackstone managing approximately US$68.8 billion and BlackRock managing approximately US$86.8 billion in assets at book value as of December 31, 2024.[66] As indicators of operational scale, Corebridge's reserves expanded, with policyholder contract deposits reaching US$173.7 billion and future policy benefits totaling US$56.3 billion as of December 31, 2024; the company also maintained approximately 4.2 million life insurance policies in force and 1.2 million annuity policies in force during the year.[66][67][68]| Key Metric (2024) | Value (US$ billions) |
|---|---|
| Total Revenues | 18.8 |
| Assets Under Management and Administration | 404 |
| Policyholder Contract Deposits | 173.7 |
| Future Policy Benefits | 56.3 |